THE cross-country bus service Knutsford Express Ltd aims to increase its fleet size by one-third to roughly 27 buses in 2016.

It reflects the continued growth of the service.

“We have in the last year introduced three new coaches and will increase our fleet by another seven coaches before the end of January 2016, thereby raising the commuting experience between Kingston and Montego Bay,” said Chief Executive Officer Oliver Townsend in his address in the annual report 2015.

It would grow its fleet from nearly 20 buses reportedly in its fleet since last year. Calls to management for clarification went unanswered up to print.

Annual audited net profit hit $69 million for its May 2015 year end on revenues of $451 million or 38 per cent higher profit than a year earlier.

“We expect the maturing of our new route to the south coast, further adjustments to our schedule and drop-off locations will combine to drive revenue growth early in the next financial year. In addition, we expect to grow our ridership with continued innovations in our service,” he stated.

The company started service to Port Antonio in the fourth quarter of its financial year ending May 2015 in order to broaden its reach and customer base in the north-eastern end of Jamaica. It already offered service to the major tourist areas of Montego Bay, Ocho Rios, Negril as well as to Savanna-la-Mar, Mandeville, Kingston and other smaller towns.

During the previous quarters Knutsford added routes in St Elizabeth for passengers coming from Junction, Southfield and surrounding areas. The company now operates some 180 departures weekly. Total assets stood at $280 million from $215 million a year earlier due to a near $50 million jump in property plant and equipment. Shareholder equity increased to $230 million from $160 million a year earlier due to increases in its accumulated surplus.

The company raised just under $100 million through an initial public offer (IPO) of 20 million shares or 20 per cent of the firm in December 2013. The listing on the Jamaica Stock Exchange Junior Market allowed the company to qualify for a five-year break on income tax. The company started in 2006 out of a vision to revolutionise the way Jamaicans and tourists move between the capital city and the island’s major tourism centre in Montego Bay. It came amid the closure of major cross-country airlines led by Air Jamaica Express.

Townsend, an electrical engineer, came up with the idea while on weekly commutes to Kingston for an MBA programme. His frustration at not having suitable public transportation that could allow him to study while commuting eventually led to the creation of Knutsford Express. The service would provide a welcome alternative to the no-frills minibus service that existed. He raised funds by convincing a group of investors to share expertise and capital.